Software Indian Community

Aurionpro looks less like a typical IT contractor and more like a company selling core banking and payments software that customers rarely switch away from. After a recent slide tied to short-term worries, the bigger question is whether its product push and expanding customer base can restart steady growth—or whether execution and profit pressure linger.Read more

Veefin pushes beyond its core finance software by buying into a Singapore-based AI startup, aiming to help banks make faster, more confident lending decisions from messy real-world data. The bigger story is whether this AI add-on can unlock new features to sell to existing customers while helping the company break into more international markets.Read more

KPIT Technologies is a rare specialist that builds the software inside modern cars, and the recent slump looks driven more by temporary setbacks than a broken business. The story hinges on whether new product-style offerings, wider use of AI, and expansion into newer markets can restart growth before weaker carmakers and a tough Europe drag results down again.Read more

Ceinsys Tech Ltd (CEINSYS) – DCF Valuation (as of 12 March 2026)Using the two-stage Discounted Cash Flow (FCFF) model, I have calculated the intrinsic fair value based on the latest consolidated financials from Screener.in, company earnings releases, and the Q3 FY26 earnings call transcript (order book ₹999 Cr as of Dec 2025, management hint of FY26 revenue ~₹700 Cr+).Key Inputs (Latest Available): TTM Revenue: ₹632 Cr | FY25: ₹418 Cr 9M FY26 Revenue: ₹490 Cr | PAT: ₹96 Cr Order book: ₹999 Cr (strong 1.5x+ TTM sales visibility) EBITDA margin (recent): 21–23.5% Net debt: ~₹30 Cr (conservative; borrowings ₹75 Cr minus estimated cash) Shares outstanding: 17.85 million (1.785 Cr shares from ₹18 Cr equity capital at ₹10 face value) Beta: ~0.57 (low volatility) My Base-Case Assumptions (Balanced & Realistic): FY26E Revenue: ₹680 Cr (9M run-rate + Q4 momentum) 5-year explicit growth (FY27–FY31): 35% → 30% → 25% → 20% → 15% (tapered; supported by order book, geospatial infra boom at 20%+ national CAGR, and execution track record) EBITDA margin: 22% (FY26–28) → 23–23.5% (improving scale & mix) Depreciation: 2% of revenue Capex: 3.5% of revenue (low; management confirmed no major tech capex planned beyond opex for AI/ML) Δ Working Capital: 12% of incremental revenue (conservative allowance for 221 debtor days; assumes gradual normalisation) Tax rate: 25% WACC: 10.8% (Rf 6.8% + beta 0.57 × 7% ERP; debt weight negligible) Terminal growth: 4% (long-term India GDP/infra sustainable rate) Explicit period: FY26–FY30; Terminal Value at end-FY30 using perpetuity formula on FY31 FCFF Projected Financials & FCFF (₹ Cr): Year Revenue EBITDA Margin FCFF (Free Cash Flow to Firm) FY26E 680 22.0% 88.2 FY27E 918 22.0% 95.4 FY28E 1,193 22.0% 128.1 FY29E 1,492 23.0% 176.8 FY30E 1,790 23.0% 219.3 FY31E 2,059 23.5% 268.9 (for TV calc) Terminal Value (end-FY30): ₹4,112 Cr Enterprise Value: ₹2,962 Cr Equity Value: ₹2,932 Cr (after net debt) Fair Value per Share: ₹1,643 Upside from Current Price (₹1,000–1,037 range): 58–64% (base case).Sensitivity Analysis (Fair Value per Share): Conservative (WACC 11.5%, growth -5% pts, ΔWC 15%, EBITDA 21%): ₹1,250–1,320 Base (as above): ₹1,643 Optimistic (WACC 10.0%, growth +5% pts, ΔWC 8%, EBITDA 24%): ₹1,950–2,100 Alternative (Exit multiple 22x FY30 EBITDA instead of perpetuity): ~₹1,780–1,850 (aligns with some analyst models) Comparison with Other Methods (for cross-check): Current TTM P/E: 15.4x → Forward FY27E P/E ~10–11x (very attractive vs. IT/geospatial peers 20–25x) Historical median intrinsic models: ~₹1,246 Overall DCF range: ₹1,300–1,850 (central tendency ~₹1,550–1,650) Why the Model is Robust: Order book provides high visibility for first 2–3 years.Read more

A small software maker says it expects to land several large, repeat contracts for a newly built product, and the business argues that much of that revenue could fall straight to profit because the software is already made. The big question is whether those deals show up in upcoming reports—and if they do, the company could look very different from what the market assumes today.Read more

Car makers are racing to pack more software into electric and self-driving vehicles, and KPIT aims to ride that wave by bringing fast, cost-focused know‑how learned in China to global brands. That could lead to bigger, longer-lasting partnerships, but the story changes if big customers bring software work in-house or global trade tensions make winning overseas deals harder.Read more

Aurionpro is betting big that banks and transit systems will lean harder on AI and modern software, letting it sell more tools and services while building steadier, repeat business. The catch is that it’s spending heavily on new products and a few large projects, so delays, execution slips, or weaker customer demand could quickly show up in profits and cash.Read more

Newgen says it’s weaving AI into most customer projects, which could make it easier to win bigger deals and grow faster as more companies move their work to the cloud. But tougher competition and slower customer decisions could squeeze pricing and make growth bumpier than supporters expect.Read more

Wipro may be set up for a steadier, higher‑value kind of growth as customers bring artificial intelligence into everyday operations and reduce the number of tech vendors they use. The catch is that deal flow can be uneven and some regions are soft, so the question is whether recent contract wins and new capabilities can translate into consistent results.Read more